GST Monthly Returns Filing
GST monthly filing refers to the process of submitting the details of sales and purchases, tax collected, and tax paid during a month to the government through the GST return filing system.
Eligibility
All businesses registered under GST in India are required to file monthly GST returns, regardless of their turnover.
Document Required
Sales and Purchase Invoices
Credit and Debit Notes
Export and Import Documents
Electronic Cash and Credit Ledger
Bank statements for the tax period
Benefits
Increased Transparency
Ease of Compliance
Reduce the overall tax liability of businesses
Avoiding Penalties
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FAQ
GST monthly filing refers to the process of submitting the details of sales and purchases, tax collected, and tax paid during a month to the government through the GST return filing system.
All businesses registered under GST in India are required to file monthly GST returns, regardless of their turnover.
The main types of GST return that need to be filed monthly are GSTR-1 and GSTR-3B.
The GST liability for monthly returns is calculated based on the details of sales and purchases, tax collected, and tax paid during the month, as per the GST laws.
If a business fails to file GST monthly returns on time, it may face penalties and interest charges, and in severe cases, the GST registration may be cancelled.
A business can check the status of its GST monthly returns by logging into the GST portal and checking the return filing dashboard.
The due date for filing GST monthly returns is the 20th of the next month.
Yes, a business can make changes to its GST monthly returns within the due date for filing the next month’s returns.
Errors in GST monthly returns can be rectified by logging into the GST portal, and making the necessary changes.
If a business files incorrect GST monthly returns, it may face penalties, interest charges, and in severe cases, the GST registration may be cancelled.
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